Shares of Skechers USA (SKX) - Get Report were higher by 2.99% to $28.26 in pre-market trading on Friday, after the shoe retailer was upgraded to "outperform" from "neutral" at Cowen.

The upgrade comes as the firm expects the company to show international margin expansion, and accelerate growth in EPS and free cash flow.

Cowen set a price target of $35 on Skechers stock, up from its previous price target of $26.